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Galway Bay FM News Archives

Troubled construction firm’s directors form new company

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Date Published: 30-May-2011

BY ENDA CUNNINGHAM

Four former directors of Cordil Construction – which collapsed into receivership last week with debts of well over €30 million – are ‘going forward backwards’, after forming a new company called Lidroc Construction.

Lidroc was formed in mid-February and its four directors are Gerry Dillon, Padraig Higgins, Morgan Darcy and Tom O’Callaghan – all former directors of Cordil.

Meanwhile, the Receiver Manager’s staff began the lengthy process of trawling through Cordil accounts yesterday (Monday) morning and have already found that a series of contracts are tied up in arbitration.

Michael McAteer of insolvency specialists Grant Thornton was appointed as Receiver Manager over Cordil last Thursday night.

He is now also assessing the viability of ‘finishing out’ existing contracts, including the new arthouse cinema on Lower Merchant’s Road, the extension to the ‘Jes’ school and the new clubhouse for Hibernians Football Club.

All four directors of the new Lidroc entity (Cordil spelt backwards) were directors in Cordil, which was formed more than a decade ago by joint owners Gerry Dillon and Pat Corrigan.

According to documents filed with the Companies Registration Office on May 16, Tom O’Callaghan resigned as a director of Cordil, a change which was listed as having taken effect from last January.

On May 12, our sister newspaper, the Connacht Tribune revealed that Cordil had closed down its 15 sites around the country, with the loss of 51 direct jobs and more than 400 subcontractors’ jobs.

The company blamed restrictive clauses in Government contracts, and claimed to be owed around €4m by the HSE and the Department of Education for completed work and work in progress.

Attempts by the directors over the following fortnight to secure a temporary overdraft facility from bankers failed, and last Thursday, Mr McAteer was appointed Receiver Manager over the entire assets of Cordil by ACC Bank, which had a charge over all of the company’s fixed and floating assets.

Meanwhile, it has emerged that Cordil had suffered further cashflow problems because of a series of unpaid contracts which are tied up in arbitration and conciliation processes.

Read more in today’s Connacht Sentinel

Galway Bay FM News Archives

Galway ‘Park and Ride’ could become permanent

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Date Published: 07-May-2013

A park ‘n’ ride scheme from Carnmore into Galway city could become a permanent service if there is public demand.

That’s according to the Chief Executive of Galway Chamber of Commerce, Michael Coyle.

The pilot scheme will begin at 7.20 next Monday morning, May 13th.

Motorists will be able to park cars at the airport carpark in Carnmore and avail of a bus transfer to Forster Street in the city.

Buses will depart every 20 minutes at peak times and every 30 minutes at offpeak times throughout the day, at a cost of 2 euro per journey.

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Galway Bay FM News Archives

Tuam awaits UK hay import as overnight rainfall adds to fodder crisis

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Date Published: 09-May-2013

Tuam is now awaiting a third import of hay from the UK as overnight rainfall has increased pressure on farmers struggling to source fodder.

A total of ten loads are expected at Connacht Gold stores throughout the West with a load expected at the Airglooney outlet this evening or tomorrow.

Farmers throughout the county have been struggling to cope with the animal feed shortage and a below than normal grass growth due to unseasonal weather conditions.

Overnight rainfall in the Galway area has also added to the problem making ground conditions in many areas are quite poor.

Joe Waldron, Agricultual Advisor with Connacht Gold says farmers in short supply can contact the Airglooney outlet on 093 – 24101.

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Galway Bay FM News Archives

Transport Minister urges end to Bus Eireann strike action

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Date Published: 12-May-2013

The Transport Minister is urging drivers at Bus Éireann to engage in talks with management, in an effort to bring their strike action to an end.

There were no Bus Éireann services operating out of Galway today as a result of nationwide strike action by staff affiliated with the national bus and rail union.

Up to 20 Bus Éireann drivers are continuing to picket outside the bus depot at the docks in the city this evening.

Drivers from other unions have decided not to cross the picket line and go into work today – causing the disruption to be even worse.

Bus drivers are protesting against five million euro worth of cuts to their overtime and premium pay – cuts which Bus Eireann says are vital to ensure the future viability of the company.

The majority of services nationwide are disrupted, and the union say strike action will continue until management are willing to go back into negotiations.

However, it’s not expected to affect school services next week.

Galway bay fm news understands that around 70 percent, or over 100 Galway bus Eireann drivers are affiliated with the NBRU.

 

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